Review of single currency on hold
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Tony Blair's hopes for joining the euro were virtually buried by the Chancellor yesterday with an announcement that he is abandoning any review of the single currency for at least a year.
Tony Blair's hopes for joining the euro were virtually buried by the Chancellor yesterday with an announcement that he is abandoning any review of the single currency for at least a year.
Pro-euro Labour MPs were dismayed. One former minister said: "Gordon has binned the euro. I was absolutely astonished when he said that, and he slipped over it quickly so hardly anybody noticed."
In his Budget statement, Mr Brown said he did not propose to initiate a further euro assessment, even though he had promised in the past to do so every year.
Earlier, the Prime Minister's official spokesman said Mr Blair had not abandoned hope of Britain joining the euro. But he made it clear Mr Blair accepted there was little chance while Mr Brown remains at the helm in the Treasury.
"In terms of the euro - no, the Prime Minister has not given up on the euro, but the economic conditions have to be right. Therefore, the position has not changed," said the spokesman.
If Mr Blair does move Mr Brown after the election it may reopen the speculation that a new Chancellor would look again at the euro. However, the Prime Minister is focusing on winning the referendum on the European constitution, and is being advised to fight one battle at a time.
The Chancellor's reservations about the euro were underlined in a Treasury document published with the Budget. It compared the economies of EU member states unfavourably with Labour markets in the US and Japan for being too inflexible to withstand economic shocks.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments